Ontario insurance agent, Sadrundin Khushal, has been ordered to pay a $5,000 administrative penalty, according to the Financial Services Regulatory Authority of Ontario (FSRA).
According to the order, Khushal is being penalized for furnishing false, misleading or incomplete information to the Financial Services Commission of Ontario, FSRA’s predecessor organization. He also failed to maintain errors and omissions insurance, made false or misleading statements or representations in the solicitation or registration of insurance, and is accused of “committing an unfair or deceptive act or practice.” The order to impose administrative penalties does not disclose any further detail about Khushal’s transgressions.
The Superintendent of Financial Services initially proposed Khushal pay $8,000. The superintendent also proposed to revoke Khushal’s insurance agent license.
After requesting a nearing in March 2019, Khushal entered into an agreement with FSRA and withdrew his request for a hearing in July and August 2020.
